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Same Day ACH

Same Day ACH: FAQs

Published

March 18, 2016

Details

This Frequently Asked Questions (FAQ) document provides answers to common questions regarding the Same Day ACH Rule.

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What are the major provisions of Same Day ACH?

The Rule will enable the option for same-day ACH payments through new ACH Network functionality, without affecting existing ACH schedules and capabilities:  Originating financial institutions (ODFIs) would be able to submit files of same-day ACH payments through two new clearing windows provided by the ACH Operators :

o Virtually all types of ACH payments, including both credits and debits, would be eligible for sameday processing. Only international transactions (IATs) and high-value transactions above $25,000 would not be eligible. Eligible transactions account for approximately 99 percent of current ACH Network volume.

o All RDFIs would be required to receive same-day ACH payments, thereby giving ODFIs and Originators the certainty of being able to send same-day ACH payments to accounts at all RDFIs.

o RDFIs would be mandated to make funds available from same day ACH credits (such as payroll Direct Deposits) to their depositors by 5:00 PM at the RDFI’s local time.

o To allow financial institutions and businesses to acclimate to a faster processing environment, as well as to ease the implementation effort, these new capabilities would become effective over three phases beginning in September 2016.